DoE Hands the Keys to Strategic Crude Oil Stockpile to New Firm

The Department of Energy has awarded a new $1.4 billion contract to Strategic Storage Partners, LLC—hardly a household name—to manage the Strategic Petroleum Reserve (SPR)—America’s emergency stash of crude oil. The new contract covers a five-year term with the option to extend for another five. After a transition period, Strategic Storage Partners will take over from the current SPR management firm, Fluor Federal Petroleum Operations (FFPO) on June 15, 2025. The SPR is more than a rainy-day fund—it’s a key pillar…